On Wednesday (June 11) in the Asian session, international oil prices fluctuated narrowly, and Brent crude oil is currently trading around $66.72 per barrel. After two days of intense negotiations in London, China and the United States have reached a framework agreement on restarting trade. After the negotiations, U.S. Commerce Secretary Howard Lutnick said that the framework still needs to be reviewed and approved by President Trump. The market is weighing the impact of the global trade situation on the outlook for global crude oil demand.

Although the progress of trade between Asian powers and the United States has eased some global economic concerns, the dual pressures of weak demand and OPEC+ production increases in the short term still dominate market sentiment. The OPEC+ alliance continues to promote its production increase plan, further increasing market supply pressure. OPEC+ member countries decided to increase production by 411,000 barrels per day in July, orderly lifting the previously implemented production cuts for the fourth consecutive month. The increase in production reflects OPEC+'s delicate strategic considerations in balancing supply and market share competition.

From the daily level, the medium-term trend of crude oil is hovering around the moving average system, and the medium-term objective trend is mainly oscillating. Oil prices gradually rose to the upper edge of the range. From the perspective of momentum, the MACD indicator fast and slow lines crossed the zero axis upward, and the bullish momentum began to warm up. The K line closed with small positive lines continuously. If the oil price breaks through the range resistance in the later period, the medium-term trend is expected to further rise and test the 70 line.

The short-term (1H) trend of crude oil continued the upward rhythm. The oil price touched 65.40 and was affected by the strong short-selling force. The K line closed with a large real negative line, almost recovering all the gains of the day. The K line crossed the moving average system, and the upward direction of the short-term objective trend changed. The second large real negative line formed the main rhythm. It is expected that the crude oil trend will further fall to around 63.50 during the day, and then find support again. On the whole, the operation strategy of crude oil today is recommended to rebound high and supplemented by stepping on low and long. The upper short-term focus is on the 66.0-67.0 line resistance, and the lower short-term focus is on the 64.0-63.0 line support.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.